coming up on our t.v. an exclusive look at a not so exclusive list in san francisco federal court a woman fights to get off the terror watch list but why was she on it in the first place and is this list even effective war and that's later in the show. and another development in n.s.a. surveillance of foreign leaders this time out looks like our neighbors to the north helped us spy on heads of state during the two thousand and ten g. eight and g. twenty summits in canada more on the expansion of international surveillance coming up and in times square there is one ad you will not be seeing anytime soon a billboard meant to boost sales for a spray was banned for showing a soldier with a muslim woman embracing each other we'll tell you about that tonight.

it's monday december second eight pm in washington d.c. i'm meghan lopez and you are watching r.t. well topping the news tonight a federal district court in san francisco is hearing the case of a woman who has been finding to remove her name from the tel watch list for eight years it's a list that is easy to use your name on but almost impossible to get your name off of stanford university ph d. student were he not even to him was boarding a flight home to malaysia from san francisco's international airport in two thousand and five when authorities arrested her they told her that she was on the terror watch list now eventually mrs eager again was allowed to travel again but her student visa was revoked and she was not allowed back in the us the evidence levied against her is on clear at this point and the government argues that revealing that information would jeopardize national security and misses it but he

was not alone. by the end of last year the u.s. database of potential international terrorists known as the terrorist identities data mark environment or time had had eight hundred seventy five thousand names on it that's up from seven hundred forty thousand names from just the year before now because the list includes of multiple aliases there are fewer individuals and there are actual names but nevertheless a huge number of people have been affected and the tide list just feeds the master terrorist watch list run by the f.b.i. which adds in potential domestic terrorists and critics argue that this list is not effective time allowance or naive for instance was one of the boston bombers he was on that list for years yet authorities failed to prevent that attack so discuss more about the effectiveness of the terror watch list i was joined earlier by heidi behold ansen she's the executive director of the national lawyers guild and she

first filled us in on many issues that she found with the list. well that's part of the problem because the government claims the state secrets privilege we don't know what the reasons are that so many people are being added to the list and it's been so difficult to challenge also because the lists are private with the exception of the ofac list the office of foreign assets control which is public the main terrorist watch list and the secondary lists including the no fly list are private so. people go ahead i'm sorry i interrupted you well i think one of the problems that people should be concerned about and that we're seeing is that many people who aren't actually on the list because their names or a middle name may be similar to those on the list there is a large frequency of error rate and the office of the government accountability office has criticized the department of homeland security the f.b.i.

for not making it clear how you can get removed from the list if your name is on there by mistake and with that many people on the list how can security officials really distinguish who is actually a national security risk. i think that's the question that needs to be answered and i think that with the increased attention to the surveillance that we've seen over the last several months it provides us with a window of opportunity to ask our elected officials for more accountability and oversight about really how we can make corrections how we can get our names off quickly right now there's virtually no way to do that with the exception of a program called the traveler redress inquiry program that the department of homeland security has started where if you're stopped many times at the airports you can investigate and ask them to look into it now the argument that the needle in the haystack in order to be able to find the haystack if you remember that is

why the n.s.a. surveillance the n.s.a. director used when you're talking about this bulk collection do you think that that argument holds up or a similar to what they're doing with this terror watch list where they're collecting a lot of names and then trying to pick out the terrorists from that haystack. i personally think that the bulk collection argument is a problem we seem to be in a race to gather as much data without really knowing how to sift through the accurate data and how to pursue valid investigative leads all of the guidelines that used to restrict f.b.i. agents and others about starting investigations and inquiries used to be based on having criminal activity was afoot now we don't know that they're not racially profiling and putting people on the list because their names sound muslim or you

know may be affiliated with someone. we don't know the standards and that's problematic in terms of adhering to the constitution now and just to clarify that eight hundred seventy five thousand that's a lot of people i mean that is more than the population of wyoming that's more than the population of north dakota that's more than the population of alaska and given less than one percent so we here less than one percent of the people on that list are american but given this list this is a massive massive list what kind of checks and balances are there in order to secure the names on that list. there are absolutely no checks and balances there are probably a lot of duplicate names a lot of eroni its names on the list people's aliases middle names names arranged improperly but i do think the fact that there's no oversight there has been no reporting for example on how many of these names have led to finding

someone who might do harm to the country there are no reports issued and i think that's why the g.a.o. has listed its concern over the past many years. the seconds left but i'm just wondering if there's any kind of incentives for government agencies to keep adding to the list or to take new. i think there's always incentive in this climate the post eleven climate where we are in a perpetual war as they call it to continue to add names to make it look as though they're doing something people should know that on that list which is public businesses are checking against that list and that's why so many people are denied mortgages denied credit deny jobs because they're checking against a list that itself has a high rate of error. thank you so much for weighing in executive director at the national lawyers guild i appreciate your time ma'am while another day another edward snowden leaked details in the n.s.a. spying on other countries this time c.b.c.

news broke the story with journalist glenn greenwald's help the broadcaster revealed it largely redacted documents that detail how the american spy agency conducted widespread surveillance during the two thousand and ten g. eight and g. twenty summits c.b.c. news wrote the briefing notes that stamped top secret show the u.s. turned its auto industry into a security compound of calm and post during a six day spying operation by the national security agency while u.s. president barack obama and twenty five other foreign heads of government were on canadian soil in june of two thousand and ten a covert u.s. operation was no secret to canadian authorities so apparently canadian authorities not only knew about the spine that was going on in their country but they may have even participated in it and that has privacy advocates crying foul i was joined earlier by steve anderson executive director of open media for more on this latest docu drop and i first asked him whether we should really be surprised that this

latest leaks disclose how much surveillance was going on when we already knew it was lesson. going to be surprising to most canadians that we would allow that our government would formally allowed a foreign spy agency to spy on our soil to actually go into our country. permissions and monitor people in canada in this case tran of canada during the g twenty i think that's a huge surprise to many canadians sucks and it surprised me and maybe it shouldn't be with all the revelations by a i just think that's much for that i thought they would go you know i thought they might collaborate and share our data and that was a concern said of me in many other spurts and i really did not expect them to allow the u.s. n.s.a. to spy on people in canada and is there any evidence as to how far the these links

went between the u.s. and canada and cooperating with these efforts. it's hard to say. for we've seen we know that there are some sort of formal agreements and we know that. they you know brought in equipment and they had a very robust operation in toronto but aside from that it's not it's not completely clear that arguments that they haven't shared so far i haven't been totally clear on that point and what about the evidence is there anything valuable that we know of came from these spying efforts. i haven't heard of anything they have or they care of it no it's and i think that that actually goes to alert your issue which is how much is all of this spying carts you know this spying without her concern in canada we're talking about spending four billion of our tax dollars to house these new spying operations and you know we know it is out of control you

know we're spying on diplomats there is a question of it canadians are being caught up in the strangeness surveillance or spying or our eyes in brazil and so we don't we don't know the value of it i think that would be really nice if we actually had a value proposition put of poorly. now last month on your open medio dot ca group joined with the b.c. civil liberties association to form a lawsuit alleging that canada's spy agency is there a legal and unconstitutional what it is doing anyway having made any progress on that or have you heard anything back. that's so far we haven't heard anything back we expect in the coming weeks and months for the government to make its views known we're hoping that they will disappear as a willing party in the case and bring forward information and it really use this as an opportunity to come clean as canadians on what. what's going on with their our spy agency in canada and how secure is are gated how many canadians are being swept

up so i think the surreal opportunity for them but us so far we haven't heard anything from them on the letter and what types of changes would you like to see is that mostly transparency related are we talking about viable changes and really raining in canada's spy agency. well i think first me transparency we need some sort of a public review we need answers how many comedians are being caught up you know whatever information is being caught up in these huge to secure databases so in those kinds of questions answered and then i think we need to have some sort of policies in place that ensure that any spying that goes on is really tearing it is that there is over same accountability and really that or that or if i get is being swept up that it's kept safe because we know that in recent years we've had over three thousand breaches of sensitive citizens that are i don't think approximately seven hundred twenty thousand canadians and so at the very least you know if we're

going to have a gator in these databases the government needs to come clean with us we need to know how many people are caught up in those databases and we need to have some assurances that our data saved from certain you know cyber criminals and and that sort of them now when the people i've talked to in the reports that you have done or that you've read do you think that it is canada's spy agency which is really taking the initiative here to widen and broaden the people that it spies on or do you think that the n.s.a. is part of possibly behind it pushing canada's spy agency to really be part of that five eyes alliance. you know this i think is a strange confluence happening i think definitely the u.s. you know then i say is really pushing the envelope on spying you know they're engaging in box flying and people really around the world including including people in the u.s. and i suspect canada. from what we've been seeing you know i saw a quote yesterday in a report saying that you know from the air head of the sec saying we want to play

with the big boys so i think that there is kind of a definitely a kind of it's going to premiere real aspect that was the sec is doing where they really want to be a big player in this kind of spying activities even though you know i don't think canadians are really interested in that seem to be and you know we've heard that they've taken civil servants on kind of lobbying expeditions within seasick operations to kind of well them and get him to get more money and that's where there's but he has ballooned and that's why it's you know she said will now be house and the most expensive government bill in canadian history which is just amazingly that was steve and our senate executive director of open media meanwhile the chairs of the intelligence committees on capitol hill hit the airwaves this weekend senator dianne feinstein and representative a mike rogers made an appearance on c.n.n.'s state of the union to talk about everything from the n.s.a. to terror threats facing the u.s.

today now one surprising moment did happen senator feinstein told candy crowley that we are no safer than we were two years ago the two also defended the n.s.a. and said it it's time that to let the agency get back to us job sam sachs reports. i think terror is up worldwide this quick indicate that the fatalities are way up. the numbers are way up there are new bombs very big bombs trucks being reinforced for those bombs there are bombs that go through magnetometers the bomb maker is still alive senator dianne feinstein chairwoman of the senate intelligence committee playing the fear card on sunday to defend the n.s.a. her counterpart in the house representative mike rogers also played by card we're fighting amongst ourselves here in this country about the role of our intelligence community that is is having an impact on our ability to stop what is a growing number of threats and so we've got to shake ourselves out of this pretty

soon and understand that our intelligence services are not the bad guys so what has the two congressional intel chiefs using scare tactics on a sunday morning this pressure building in congress to hold a vote on actual n.s.a. reform on actually reigning in some of the n.s.a.'s most egregious programs including the bulk collection of virtually all americans phone metadata so it's one month left in two thousand and thirteen congress has a lot on its agenda from finalizing a farm bill to avoid another government shutdown in the near future but fueled by edward snowden's leaks members of congress want to make sure n.s.a. reform is on that agenda too whether leadership likes it or not in the house the usa freedom act is for now the legislation of choice with more than one hundred co-sponsors including fifty one democrats and fifty one republicans there's a similar bill working its way through the senate and should leadership refused to bring either of those bills to a vote there is yet another route for n.s.a.

reformers to take using must pass bills at the end of the year as vehicles for reform to defend the fourth amendment to defend the privacy of each and every american that was a tactic. tried earlier this year with the amash conyers amendment to the national defense authorization act that would have stripped funding from the n.s.a.'s bulk collection programs the amendment was narrowly defeated but now months later and several new explosive leaks later lawmakers in the senate are eager to try it again with their and they believe that if the vote were held today it would pass there too however leadership is pushing back as the chairman of the armed services committee carl levin doesn't want any n.s.a. reforms included in this year's and. this for a over the n.s.a. along with other issues related to sanctions on iran might prevent congress from even passing an n.d.a. for the first time in fifty one years again no n.d.a.

for the first time in fifty one years so that is what's going on in congress and that's also what has the top defenders of the n.s.a. so concerned chairman rogers and chairman feinstein they're rank and file members willing to wreak havoc on the legislative schedule just to make sure they get a vote on n.s.a. reform but the wild card here will be the american people and what they want number they didn't want to bomb syria and we didn't bomb syria they want and we've seen march after march rally after rally people calling for n.s.a. reform so win or lose this issue isn't going away the n.s.a. is plugged into our culture it's in their advertisements the n.s.a. is listening and for an agency that operates in complete secrecy just six months ago this is a major change in washington d.c. same sex are to well to young men now where a national pastime is turning into

a national addiction khans an edible flower its leaves contain a mild narcotic which causes users to have that warm and fuzzy feeling inside it is a custom that goes back for ages and ages in the country and many farmers grow it however it could be causing a serious water shortage in the country are to lose a calf now stuff into the issue. it's midday in sun up like clockwork each afternoon these now means fill up with people buying cut the route we've got is the essence of the nature of a city if you don't sure they're not. banned in many countries but legal in yemen the leaves contain a mild have caught it and almost everyone shoes more than ninety percent of men are going to the world health organization at this market to countless realities and plenty of customers. so when so this is about five dollars worth of

pots chewing this substance moving around the national past time somebody will say and national a dataset without knowing anything at all every day action comes out of a whole one that the country as a whole is that is it ok for the idea to logically put that yemen has no shortage of problems but a shortage of water could make some not the first world cup at all to run dry current as one of the main culprits. yemen is chewing itself to death the country has limited water resources ninety three percent of the extract of water goes to agriculture and that's mostly to grow proud amid the rugged landscape on the outskirts of the capital got trees as far as the eye can see they can be harvested all year round and the farmers here say they earn more cash from drugs than food it takes an incredible amount of water to irrigate these got fields the more you pump in the faster these trees grow but even here it's taking its toll of the thirty

wells that serve at this village ten have already gone dry and two more are on the verge. in some know the consequences are already visible those who can afford it buy their water from these trucks the rest trouble to get by however they can there are public taps but. the water is often dirty and shortages are common the city's groundwater could be depleted in less than a decade but for the poorest residents it's as good as gone should be talking about . what to. do. it's a matter of definition. and that's not. the most serious what the fuck and. it's a race against time and one that is the losing but here the evenings belong to cut men gather together to talk smoke and chew though the chosen the speak for

a country that has precious few of them are now escaping the water crisis simply have to wait another day. r.t. sanaa yemen was the holiday season ramps up you'll be seeing advertisement after advertisement and chlorine you had to buy buy buy but there's at least one ad that you might not see and that's because it's been banned in times square but as artie's on a stasia churkin it finds out that maybe part of the plan. is one of the. most beautiful. people so we called it. the one place they didn't want to be together with this out is the big apple's advertisement back an anti-smoking campaign featuring a u.s. soldier hugging a muslim woman censored from the public spotlight by a private company which owns billboards in times square it's appealing in a way to this idea that a patriotic american and

a middle eastern woman could never be together and look how crazy that couple is and so that's a little bit problematic but inherently there's nothing wrong with the yeah the aim of this particular ad as is the case with any attempt to sell a product to generate buzz and bring as much attention to it as possible picture them in the boardroom when they're we're going to come up with an ad did they walk in and go we want to promote harmony and love you know the. walked in and said snort right now you. know when i walked into that room i was like oh we just love the marines and we love muslim people and we want to see them together that never happened this nor spree kept people wide awake while you know certain feelings about moral decency. you know old taboos about you know nudity or drugs or things like that or being less and there is still a political motivation behind censorship yet another example of censorship considered mission accomplished you're going to spend millions of dollars on say a billboard in times square for a television ad campaign why on earth would you be expected to do anything that

wasn't provocative what may have been deemed shopping yesterday is nothing but the norm today and while oversensitivity is still king often hypocrisy attentional consequences goes unnoticed and real issues are met with a blind eye u.s. soldiers are engaged in a war imperialist occupation you know afghanistan and iraq. and they're not liberators they're not boyfriend they're not good boyfriend material and you know i think i can't imagine many muslim people not finding it kind of disgusting and this is science where brands have to do what they can to get noticed by the consumers and get people to talk about their product as much as possible all tricks are game no matter who's feelings get hurt is a societal manipulation and we should be wary aware of that and that kind of pisses off we are now a society of wind up outrage you just crank it up and you watch it go as one pseudo

scandal replaces the next while the public holds its breath to see what will push its buttons next and if they see churkin o r t. well studies have shown that the united states has a shorter life expectancy than many other nations why is that so nice resident look at the possibility that the. rate of depression in the united states may be one of the main factors for a while life expectancy is so short. that . this story is one hundred percent conviction by me but to stories just came out

that just beg for correlation news story number one according to a study by the national academy of sciences people in other first world countries are outliving americans we have shorter life expectancies here and that stocks researchers looked at our obesity rates are smoking diet and exercise habits are crappy health care system all of the usual suspects but they couldn't one reason for our shorter lifespan. the researchers were perplexed which brings me to story number two a new study published in molecular psychiatry found that depression can ages at a cellular level in the study researchers took blood samples from depressed and happy people and studied the ends of their chromosomes for telomeres measuring telomere length is a way of assessing aging the shorter the telomere is the older aboard the credit and closer to dying this fellow is the study found that the depressed people had

shorter telomeres than the happy people more over the shorter telomeres could be explained by other factors like smoking or diet depression was the only identifiable negative factor in the study in other words this study concluded that depressed people eight. and they're more likely to die faster than happy people so my very scientific and residential correlation is that americans have shorter life expectancies than those in other first world countries because we are more depressed our depression is killing us that could be a you know after all the news is so depressing one in ten of us are on antidepressants we keep electing the same idiotic democrats and republicans to office clearly we're due to present even tried to participate in changing our system i'd say we're too depressed to even leave our homes now but we can't even

though is that even more thanks were ruinous housing market so it's completely plausible that we're dying earlier here in the us because we're also damn depressed if you find that conclusion too depressing don't worry just feel that the american way papa bill de way from the news and everything will be. for the rest of your shortened life tonight let's talk about bad by following me on twitter at the residence. and finally this hour you've heard of the thirty minutes or it's free guarantee pizza places often boast about but what about products you buy off the internet new x. box one well amazon c.e.o. jeff bezos says his research and development team are working on a drone to make that very dream of reality bezos brags that the octo copter will be

able to fly packages directly to your door via prime air within four to five years but there are a number of hitches that could keep this project firmly planted on the ground none of the least of which are f.a.a. regulations now air crowding privacy. it's terror threat safety concerns and cost effectiveness are also on the growing list of hurdles of the company will have to overcome if it wants to get this project off the ground where godless beso says that his drone ideas are flying high to which i say kudo's just don't let them blind over deer trail colorado that's the town that has drawn hunting licenses that we told you about back in september or mayor frank fields the man you were looking out might have to blast your latest amazon by right how that's guy and that's going to do it for now for more on the stories we covered go to youtube dot com slash r t

america and check on our web site r c dot com slash u.s.a. follow me on twitter at meghan underscore lopez good night. there i marinate and this is boom bust and here are some of the stories we're tracking for you today first up thanksgiving day is about stuffing ourselves with turkey but this year many stores were stuffed with shoppers twenty four hours ahead of black friday as well now i'll tell you what this means for the retail sector all coming all right up plus a bart chilton is leaving the c.f. to see if the end of the year will be a maverick commodity commissioners' next move be to politics is a book deal in the works will explain coming up later on in the show and it's been at ninety years since the end of germany's inflationary well as we'll tell you

about the lessons the u.s. could learn from the via my republics but now let's get to the show. copy of black friday everyone let the absurdity begin police are reporting violence from people pushing and shoving their way into stores for what holiday shoppers says the best deals of the year on this very black friday now in fact at a wal-mart in lost big this. was shot when he sees the a thief shot another man in the leg before making off with the poor victims newly purchased big screen t.v. true story now the national retail federation issued crowd management guidelines

urging stores to prepare for flash mobs long lines of angry customers and crowded bathrooms sounds like a blast now the world sales world sales in cork. predicted sales from black friday through cyber monday will increase two point two percent to over forty billion dollars this year and chicago based researcher shopper trak they reiterated that projection that holiday sales will advance two point four percent this is the smallest rise since two thousand and nine. now in other news that mark carney is heading the bank of england in a new direction the bank of england governor took steps thursday to avoid a potential housing bubble by reducing the country's credit boosting program many see this change as a sign that the bank of england has confidence in the economy as the palin rose to its strongest level in more than two years investors are betting that changes to the funding for lending scheme will push the bank of england towards an exit from the aggressive stimulus that has been undergoing the past couple years well there

you have it there's your headlines for this post turkey friday. the cost of characters of the commodity futures and trading commission has changed quite a bit recently now the chairman of the c f.t.c. gary gensler will step down at the end of the year and the outspoken commissioner bart chilton plans not to seek another term i was dark i spoke with mark mullin editor of future intelligence at opel s. and started off by asking him what these departures meant for not only the c f t c but also for the implementation of dodd frank. there is what people are hoping will happen and then there is what people think it's probable to happen i think the biggest change to occur is with timothy myside potentially taking over as the c f.t.c. chairman. regulatory sources of us have told me this could be terrifying. gary

gensler and bart chilton have made a number of enemies they've made enemies in the chicago exchange community and particularly and perhaps most importantly they've made enemies in the big banking community so there is going to be notion tears shed when these guys leave the sea f.t.c. but they put together a reform agenda that quite frankly has people who are in the know stunned because these are reforms with teeth these are reforms that protect the american public and the big banks are doing everything they can to slow things down and to change what again slower and chilton have put in place i quite frankly hope they don't succeed i've been told that timothy mcveigh one of his mandates is to turn back the clock of time of the c.f. to see. do you see the assads nominations through. look here's the bottom line in congress the big banks want that's all there is to it you know senator durbin from illinois said the big banks run this place and i think one of the

interesting things about bart chilton he's always been able to question the big banks he's not afraid of them and gary gensler after m.f. global he turned on the big banks as well i think it's important for the american public that we have regulators who are willing to stand up to the big banks and to protect the american people you know i recently had a conversation with bart chilton as you know he said clearly in two thousand and eight the derivatives that underlie the economic system with the cause of that crash and they what they want to do is protect the american people from future two thousand and eight it's now on the subject of your interview with one. are some of the most startling things that he revealed here because he was very candid in his interview he was and i think it's an important interview because he really put it on the table most startling to me and there were a number of them but most startling to me was he revealed that he asked the fed for information on the banks and their commodity position limits and the fed did not

provide that information now think about this the c.f. to see their mandate is to make sure that people aren't manipulating the markets with the big banks have been accused a number of times of manipulating the markets so why is the fed evidently protecting the big banks i don't get it that answers now this isn't entirely disparaged because our did have some conversations with william dudley who recently made a very important speech saying the bank culture needs to change and he and evidently went back and forth on that. speech and they're speaking of a change to the banking culture what about the book a role you know that was supposed to keep banks from gambling with customers deposits. will the final form be anything like what congress intended for it to be. and terms of the volcker rule did you see that you know it's designed again to keep banks from not gambling with customer deposits do you think

that the final form will be anything like what congress intended it to be well we can hope in the interview that we said there's a d.c. quadrant kill place and so one of the one points of the d.c. quater kill is when the big banks want to change the rules they do so through one of the points being the wall making process chilton again served and for in this they want the protective regulations in place so that we don't see a tremendous market crash and then another bailout what's unusual about this change of leadership right now is the volcker rule still hasn't been written. it's playing out the clock and gary gensler is working very hard to make sure that the volcker rule gets written before he leaves whether that happens or not still remains to be seen indications are that once timothy takes over the c.f. to see we're going to see a very different c f t c and we're going to see a very different level of aggressiveness relative to the big banks so i think if it

doesn't achieve his objectives before he his term is up and then it's put them aside hands we might see something that reformers are going to be very happy with now there's speculation that shelton might run for political office and i realize that you have to kind of remain tight lipped but do you have any indication about what he might be doing after leaving office he's given the mainstream media no indication so far well i have to respect when i'm told things off the record i think personally think burchill would be a fantastic politician i don't know that he has the stomach for it in my mind would be like you know elizabeth warren democrats and i think i see a new trend coming in the united states elizabeth warren is the future and burchill has everything going for him that i think he could fit right into that slot and i think i would i would love to see him in political leadership he has said to me on

the record that he plans to remain vocal he's thinking about writing a book and trust me i know what bart chilton knows and his book would be fun it would expose quite a bit so little a little book brady maybe a little politics. up in the air bag of mixture and say. i think if he had his choice he'd like to stay in the derivatives industry ok but i would love to see him in political life i don't know he has the stomach for it now one aleve sounds recently wrapped up was a multi-year investigation into the manipulation silver market is this case officially closed by the c f t c. hot topic you're hitting all the right notes here and the case is closed. don't be surprised if we see new information come out at some point but the case is officially closed these manipulation cases you know where they need to be pursued aggressively one of the things bart chilton

said in his interview with me was during the library manipulation the banks said to him essentially look we're manipulating the rates lower what doesn't matter if you're manipulating rates lower or higher was bart's response you don't manipulate markets. if you're a free market thing. we live in the united states right what remark. now i want to turn now to iran there was a landmark agreement between iran and six other world powers now this was reached over the weekend engineered been a big deal it's designed to curb iran's nuclear program while staving off harsh new trade sanctions for the country now you have an interesting take on the financial incentives behind iran's nuclear geo can you expand upon these ok first there is a financial condition that stipulates iran must transact oil for u.s. dollars they cannot sell oil for gold ask yourself this question this is

a nuclear proliferation deal why is a currency swap involved in the nuclear pro player for asian deal and quite frankly this is the tip of a little iceberg a little can of worms that i find fascinating ok the inside talk in the financial services industry has always been in order to remain the world's reserve currency the u.s. is going to do whatever it takes now the question has always been what does that involve when libya when they overthrew khadafi in libya he was in the process of negotiating a deal gold for oil you know so here they are putting on the to. table why this is important and they're saying in a deal a nuclear proliferation deal that one of our key diplomatic and security interests is to make sure that we have oil for u.s. dollars and that whole petro dollar trade there's modeling right now being undertaken by hedge funds you know that's

a mega trend that we need to keep an eye on because when that petro dollar trade starts unwind it's going to impact the yield curve and we could see a number of different financial events occur once that starts unwind. that was mark molin editor of futures intelligence will ask. come out of economics professor richard edlin joins me live to discuss what germany's history can teach the u.s. about inflation then rachel curtis is joins me to talk about a.b.c. battle one ben is having over there music it's in today's big deal but as we head to a quick break here's a look at some of today's closing numbers. i

would rather as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question lol. ninety

years ago this month the great german inflation came to an end with the collapse of the market in one thousand nine hundred twenty three now as record numbers of people spend this black friday shopping fueling our money velocity we'll take a look back at what lessons we can learn from germany's past joining me now is richard evilly an economics professor at northwood university to discuss in the nation past and present hello richard thank you for being here with us today and i first want to start off by asking you in one of your recent articles you draw parallels between germany's great inflation in the early one nine hundred and today's monetary policy here in the u.s. can you explain to us what you see is the greatest danger of such monetary policy. well the grid is danger is the one that has occurred historically whenever governments that follow a path of excessive monetary expansion that is the their economies are flooded with money the eventually the money percolate out to the population people in the

society with more money in their pockets proceed to spend it to buy the things that they want and desire and wish to purchase and prices started rising. in the case of the great german inflation it began to finance the german government's war expenses of the first world war in one nine hundred fourteen to one nine hundred eighteen but then it continued for another five years after the war with the result that virtually the entire german economy was destroyed just give an example for the viewers in one thousand and thirteen a hundred years ago a german could go into a store and buy a basket of goods for the equivalent of one hundred german marks when the inflation ended in november of one nine hundred twenty three it would have cost the same german buying the same basket of goods seven hundred fifty trillion marks viewers probably can see it very clearly but behind my head on the wall framed are german posted stamps and in one thousand twenty after six years of inflation it would have

cost an ordinary german twenty marks to buy an everyday ordinary postage stamp when the inflation ended in november of one nine hundred twenty three that same postage stamp would have cost fifty billion marks it destroyed the savings of an entire generation of germans it brought about bad investment in employment situations all of which came crashing down when the inflation finally ended in november one thousand twenty three with a virtual destructive collapse of the currency and so that's free and to say i like the stamp reference the high and now you're right that germany is inflationary insanity eight ended with the bursal collapse not only the german mark like you say but also the countries social. fabric as well how specifically did inflation cause this the the end of the social fabric that was termed me well for example the entire middle class found its entire life savings basically wiped out you put money into the bank you expect it to be there collecting some interesting and to be

geared to for your retirement for your own old old pure old age and every day is the inflation became worse and worse the real buying power of those same german marks still further and further until virtually to give one example there was a famous german author who had made a good living as a writer he was now an elderly man and in the you want him of nine hundred twenty three he took out his entire life savings which could have kept him very comfortable in ordinary times it bought him the equivalent of a token on the german trolley system he bought a token took a trolley ride around the city went home and committed suicide that's how it destroyed people savings businesses thought they were making profits when in fact inflation distorted prices and cost and what appeared to be a paper profit and that of being a real loss so it wiped out businesses as well and distorted the entire society in the fabric of the society it was it was an immense disaster again just one extreme

example again at the height of the implication in the autumn of one nine hundred twenty three i once met someone who had lived through this in burlington and he told me that in that you could be sitting in a berlin cafe and in the time that it took you to drink a cup of coffee the price of that cup of coffee would have doubled the moral he drew from this was drink famous. i mean i'm loving that it's truly a heartbreaking story and it's it draws the question you know almost immediately after the start of world war one in july of one thousand nine hundred fourteen term in parliament they passed a series of laws establishing the government's ability to issue a variety of war bonds and the german central bank would be obliged to finance those bonds by printing money now i want to ask you can you draw. the parallels between the monetary policy in one thousand fourteen germany and the u.s. today yes the fact is the federal reserve has traditionally increased the money supply bet is injected money into the banking system and through the banking system then out to the to the rest of the economy by buying u.s.

government treasury securities the treasury securities that the government is used to cover its deficit spending year after year and in just the last several years less for five years the federal reserve has been basically buying up anough of these securities to be equal to funding anywhere from forty to sixty percent of the government's deficit each year the consequences is that we basically have had a government borrowing money and paper money treated to fund it now i'm sure many viewers are wondering well how come if this is the case and the federal reserve has increased the money supply by over four trillion dollars in the last four four nam five years why haven't we seen more price inflation and that's because the fed reserve has been playing a game it creates the money into the banking system the banks could lend it to us but the federal reserve has through increasing the money supply manipulated interest rates so low as everybody knows and rather tend to lend the money to us

consumers of businessmen at these artificially low interest rates the fed reserve pays these banks a slightly higher rate of interest to not lend the money and just keep them banked in the bank if you will but at some point if if if market conditions improve and business demand to borrow really increases well the banks will find it was profitable to start lending more and more and that money could easily come flooding into our economy i'm not saying that we face in any immediate situation an inflation as catastrophic as the ones that the german people suffered in the early one nine hundred twenty s. but if all of those trillions of dollars did start flooding into the market we could. usually see an inflation of an historical significance like some americans of viewing the show will remember from the one nine hundred seventy s. when when when credit card. debt was at something like twenty five thirty percent

interest rate and inflation as measured by the consumer price index was averaging almost an annual rate of twenty percent a year that's not good like the germans but by american standards that would be highly disruptive and very corrosive of people savings now richard allen i would love to ask you many more questions are going to have to have you back on but that's all the time we have for now sadly thank you so much for your insight that was richard hadlee an economics professor at northwood university time now for today's big deal. i'm joined now by. and we're going to talk toys and just in time for the holiday season which is starting now right now right now maybe yesterday giving dave. goldie blox so we're talking about it's a new toy company and it wants to turn young girls into future engineers and it

just launched its first commercial now to much acclaim and controversy commercials launched now the background music in the commercials a parody of the beastie boys hit song girls. girls and pretty much turns out that the message of the song is put on its head and now there's a lawsuit so in an open letter the surviving beastie boys write quote as creative as it is make no mistake your video is an advertisement that is designed to sell a product and long ago we made a conscious decision not to permit our music and your name to be used in product search i'll ask you now i know there's been some confusion here as to who's suing who can you. fascinatingly enough goldie blox preemptively sued the beastie boys for the right to use this song interestingly they didn't contact the beastie boys ahead of time and say could we use this song instead they seem upset with the law yet they just up there with a lawsuit they claim that they were first the written by the beastie boys which is

why they filed this lawsuit to ask for fair use they say that because they're using this song as a parody as you said turning it on its head instead of saying you know girls are good for cleaning the laundry cleaning the kitchen clean the bathroom they're saying you know girls can launch the next space ship build the app girls can do all those things the beastie boys seem to be saying listen that's great we're totally down with the message but first of all don't turn us into the bad guys you sued us here totally out of nowhere preemptively. for using our our stuff you know this is our song we've said we're down with the message we think be good to you know empower young women who've we've said no matter what it's for your the bottom line is goldie blox to seal a for profit company trying to make money whether they really believe in empowering young women or just know that that might be a good market to branch into i mean there either way they're trying to make money here i always thought logos were unisex but apparently not. but you know what does this set a really bad precedent in terms of you know companies suing ahead of time preemptively

instead of paying for the rights to the music it seems will raise you that they would actually what lawyer what legal team would dream up this scheme that would say. and i mean i think that a lot of companies i'm thinking of walt disney in particular though the n.f.l. also comes to mind though i guess their nonprofit are. really really litigious so you could understand why even if it is fair use is a diff is a defense that you can use in court but it's not a way to get out of court it's just something that you can use once you've already been weird up so i think that there's a lot of issues with copyright in general this country that need to be worked out but in terms of what goldie blox is doing here i think that at first they really have the public on their side because a lot of original reports that came out said the beastie boys are suing but really they had it wrong and it was goldie blox that came out with the first suit and i'm told if. i want to be on goldie blox that is yet and i am going to absolutely exactly that it really was

a surviving beastie boys who said we have always said that we don't want to be used for advertisements interesting lee because so many musical artists they are realizing that the only way they can make a profit these days is by selling their song rights to motorola i can't think of one like quote unquote indie music that is in the car commercial so i think you. know that's very well i guess the beastie boys they made their money in the eighty's and ninety's when the music industry still was. they're to make a lot of money and you know you will still have records i bought a beastie boys cd i love i'm aging myself. and we love the beastie boys now despite the lawsuit the question is does goldie blox have a viable business strategy on our hands yes goldie blox was actually funded largely by kickstarter i know we've talked about that before and already had twenty two thousand orders in place before they've even launched this new commercial which is also come out to much acclaim as you mentioned before nearly ten thousand or ten

million people have already watched this commercial i'm sure the fact that all this controversy this was around is only helping them in terms of getting more eyes on their website on their commercial and people talking about them as you said just in time for the holidays you know they already have that built in audience of a lot of people who are saying this is really great we would like to buy this stuff so much so that we're willing to fund development of these toys well said ms perseus and post turkey day to you that's all that's i'm going to have. but you can see all segments featured in today's show on you tube at youtube dot com slash boom bust r.t. we also love hearing from you so please check out our facebook page at facebook dot com slash boom bust our teeth from all of us here boom bust thanks for watching but the next time.

i know c.n.n. the m s n b c news have taken some not slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be accurate. that was funny but it's close and for the truth and might think. it's because one whole attention and the mainstream media work side by side the joke is actually on we're going to be coming

back. at our teen years we have a different. good o.l. cuz the news of the world just is not this funny i'm not laughing dammit i'm not god. you guys talk to the jokes i will hand over the stuff that i'm. well. science technology innovation all the least of melanin still around russia we've got the future covered. wealthy british style.

market. conduct find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines to report. what is the fate of the house of saud its list of complaints against washington is long and getting longer the saudis are furious over western dealings with iran disappointed that obama didn't bomb syria and one of its only real friends in the region is israel given all this chemical how some songs afford what he calls an independent form paul's.

power i thought it meant that i did a great job and that everybody would love me from that point forward and now because from that moment on worth anything i did was front page news when you get a script for so what do you look for i never finished a script or read up like page thirty and if i'm not intrigued by the care you know not in it plus some people became. i think a little bit of a diva myself oh of course the arrogance is necessary just to remember that this is this is me we're all next on larry king.